If you were to take one thing away from the stock market today, it should be that investors are not impressed with Vipshop Holdings (NYSE:$VIPS) Q3 earnings results.

What Happened?

On Tuesday, shares of Vipshop Holdings plummeted after the company posted fiscal Q3 earnings. As of 12:30 p.m. EST, Vipshop Holdings shares are down by 11%. Even though shares increased last week, the company’s Q3 earnings are knocking them back down the ladder.

The Earnings Report

In Q3, revenue increased 28% to $2.3 billion. As a point of reference, this translated into a non-GAAP net income of $84.1 million ($0.14 per ADS). Gross profit surged by 19% to $526 million.

Further, Vipshop added three new warehouses during the third quarter in Hohhot, Taiyuan, and Hefei, China. With the addition of the latest three warehouses, Vipshop Holdings now has a total of 14 local warehouses.

Over the past year, active customers increased 22% to 60.5 million, and total orders for Q3 increased 24% to 74 million. According to Vipshop Holdings, 8% of its orders were delivered via its proprietary last mile network. Last but not least, average revenue per user grew by 11%.

Here’s what CEO Erin Shen had to say:

“We saw healthy growth in our total active customers for the trailing twelve months ended September 30, 2017, which increased to over 60 million. Importantly, our core categories continue to demonstrate robust growth, adding hundreds of domestic and international fashion brands to our portfolio in the past quarter. We remain committed to enriching our offering, including opening up our marketplace business, which will continue to improve our user experience.”

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